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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of DECEMBER 19, 1989 <br />TO: Honorable Mayor and City Council and Chairperson and Members of the Agency <br />FROM: Jennifer Thornberry, Economic Development Director <br />SUBJECT: JOINT PUBLIC HEARING OF THE REDEVELOPMENT AGENCY FOR Date: 12-15-89 <br />THE CITY OF COLTON AND THE CITY COUNCIL OF THE CITY OF COLTON TO CONSIDER ACQUISITION <br />ANDSALE OF REAL PROPERTY FOR THE DEVELOPMENT OF A Kmart STORE (Kmart CDEPORATION A <br />MICHIGAN CORPORATION) <br />Agency staff and Kmart Corporation have been negotiating a Development and <br />Disposition Agreement to establish a Kmart store in the Cooley Ranch <br />Project Area. These negotiations have been positive and productive% The <br />DDA currently contains only a few unresolved issues. <br />The owner of the property to be acquired for the development, Colton, <br />LTD., had originally required that the deal be closed before the end of <br />the year. Recently Staff was informed by Colton, LTD. this requirement is <br />no longer necessary. <br />It is now possible for staff and the representative of Kmart Corporation <br />to revert to the original schedule which calls for a public hearing in the <br />first quarter of 1990. Therefore, the City Council and Redevelopment <br />Agency Board will be required only to open and close the noticed public <br />hearing. Staff will renotice the public hearing at the appropriate time. <br />City Manager Concurrence <br />AV ---- <br />Attachments: <br />Page t of <br />ORIGINAL <br />CENIMAL RECORDS <br />FILL NO. 4aa..-- .... .....`e�F7 <br />Item No. <br />